Bitcoin is on a different bullish path this time
Paypal announced yesterday that it will add and support the advantages of buying and selling cryptocurrencies.
As soon as the news was announced, Bitcoin responded immediately and rose by 8% to reach the price of Bitcoin above $ 12,000, a level that is still above it until now.
Bitcoin continued to rise, reaching above $ 13,000, to record its highest level since June 2019.
Bitcoin had previously held above $ 12,500 for a long period of time in 2017, the period leading up to the ICO bubble, after which Bitcoin continued to rise to the record high of $ 20,000.
Since then, Bitcoin has declined in 2018, dropping below $ 10,000 and Bitcoin only reached $ 12,500 twice, in June and July of 2019, but it could not overcome this resistance at that time to continue its upward trend.
Now, Bitcoin is priced at $ 12,800.
The current rise in Bitcoin represents a growth of 3 times what was recorded on March 12, 2020, in which Bitcoin collapsed and registered $ 4,644, and today the currency rose at a price of $ 12,800, representing a growth of 175%.
Bitcoin is on a different bullish path this time:
We indicated in the title of the article that this time Bitcoin is on a different upward path compared to the previous rising highs, especially those recorded in 2017 and 2019, which occurred suddenly.
The current rally can be said to have started in March 2020, as Bitcoin was more predictable and less volatile.
Source: TradingView
This indicates more normal behavior overall with more mature traders and less reliant on hype or breaking news that only has a short term impact.
Arguably, this new bullish trend demonstrates a healthier growth pattern.
In fact, it appears that today's traders are taking the important news by stride, rather than overreacting one way or the other.
The Greed and Fear indicator, developed by software development platform Alternative.me, shows that traders are currently in a "neutral to slightly bullish mood" with a score well below the noise levels recorded even earlier in the same year.
